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Montenegro

Legal market overview

KaranoviÄ & NikoliÄ is praised for its ability to âprovide a solid service in accordance with high international standardsâ, and is able to resource matters utilising lawyers on the ground in Montenegro, as well as across the Balkans (including Serbia and Croatia). Led out of Serbia by Darko JovanoviÄ and assisted by âexcellentâ senior associate Milena RonceviÄ in Montenegro, the firm is advising Akuo Energy on financing the development of the 72MW wind farm in Krnovo. RonceviÄ is also involved, alongside Serbia-based Dejan NikoliÄ, on the firmâs work for Vas Invest concerning the development of a multi-functional hotel and residential complex near the coastal town of Budva.

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As of 31 December 2018, the Central Registry of Ultimate Beneficial Owners was established within theÂ Serbian Business Registers Agency Â (the âRegistryâ), in line with the Law on Ultimate Beneficial Owners (âOfficial Gazette of the RoS no. 41/2018).

The Montenegrin Parliament recently enacted the new Law on Tax on Coffee and amendments to the Law on Value Added Tax, the Law on Real Estate Tax, the Law on Tax Administration and the Law on Mandatory Social Security. The purpose of these changes is to clarify existing provisions of these tax laws in order to improve their enforcement and to better control the tax liabilities of non-resident taxpayers. Changes to the Law on Real Estate Tax have introduced higher taxes, but also tax benefits aimed at stimulating the development of high-end tourism in Montenegro.

The Law on the
Prevention of Illegal Business ( Zakon o
spre Äavanju nelegalnog poslovanja, âOfficial Gazette of tthe Republic of Montenegro" no.29/13) came into force on 23
June 2013. Its nature is largely declaratory, aimed at showing the declared
intent of the state to fight corruption and black market.Â